03.08.202607:00:00UTC+00Turkey’s Core Inflation Quickens in July as CPI Ex Food and Energy Rises to 1.8% MoM

Turkey’s underlying inflation pressures strengthened in July 2026, with the CPI excluding energy, food, beverages, tobacco and gold rising 1.8% month-over-month. The data, updated on 3 August 2026, shows an acceleration from June’s 1.5% increase on the same basis.

The month‑over‑month comparison highlights a pickup in core price momentum, as the “actual” figure reflects July’s change versus June, while the “previous” figure captured June’s increase compared with May. The rise in the core gauge points to persistent inflation dynamics beyond volatile categories such as food and energy, a key focus for analysts monitoring Turkey’s medium‑term price trends.

With core inflation moving higher rather than easing, markets and policymakers are likely to scrutinize upcoming data for signs of whether this is the beginning of a renewed inflationary push or a temporary uptick in Turkey’s disinflation path.